Stock-based Compensation (Tables)

9 Months Ended

Sep. 30, 2022

Share-based Payment Arrangement [Abstract]

Stock Option Activity

The following table summarizes stock option activity during the nine months ended September 30, 2022:

	Options	Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term	Aggregate Intrinsic Value
Outstanding at January 1, 2022	3,156,379	$	9.45	7.55	$	5,720
Granted	2,427,816	3.89
Exercised	(9,833)	5.28
Forfeited	(190,956)	11.02
Outstanding at September 30, 2022	5,383,406	$	6.90	7.92	$	13,282,059
Exercisable at September 30, 2022	2,133,881	$	9.29	6.35	$	3,269,563

Assumptions used in Black-Scholes Pricing Model for New Grants

The following tables summarize the

assumptions used in the Black-Scholes option-pricing model in the three and nine months ended September 30, 2022 and 2021:

	Three Months Ended September 30,
	2022	2021
Volatility factor	97.71% - 97.85%	98.46% - 101.21%
Expected term (in years)	6.25	5.50 - 6.25
Risk-free interest rates	2.65% - 3.66%	0.07% - 1.15%
Dividend yield	—	—

	Nine Months Ended September 30,
	2022	2021
Volatility factor	97.19% - 102.52%	56.17% - 102.66%
Expected term (in years)	5.50 - 6.25	0.25 - 6.25
Risk-free interest rates	1.69% - 3.66%	0.06% - 1.17%
Dividend yield	—	—